Golden Goliath triggers conversion clause for 9.1 million warrants

2011-03-22
by Phil Cheng

Gold and silver explorer Golden Goliath Resources (CVE:GNG)(PINK:GGTHF) said Monday it is forcing the conversion of about 9.1 million share purchase warrants, which could lead to proceeds of up to $2.3 million.

Because the company's common shares have traded at a weighted average price of greater than $0.40 for more than 20 consecutive days, it triggered a provision that forces warrant holders to exercise their warrants within 30 days from when they are first notified. Otherwise, their warrants will expire worthless.

Each warrant is exercisable to purchase one common share at a price of $0.25 for two years.

The company said it does not know how many warrants will be exercised, but it will raise about $2.3 million if all the warrants are used.